Saudi telco Mobily’s net profit skids 16.1pc in Q1

23rd April, 2019 12:08:58

RIYADH: Saudi telecoms company Etihad Etisalat (Mobily) reported a more than 16 per cent dip in net income in the first three months of 2019 compared with the previous quarter, to 67.3 million Saudi riyals (Dh65.9m) after zakat and tax.

However, revenues for the first quarter ending March 31 increased 13 per cent year-on-year - reaching 3.2 billion riyals - Mobily said in a statement on Sunday to the Saudi stock exchange Tadawul, where its shares are traded, report agencies.

The company attributed the jump in revenues to its better mix of services and the growth in business unit and wholesale revenues.